Trading.com fined $50,000 by NFA for regulatory violations
The National Futures Association (NFA), the self-regulatory organization for the US derivatives industry, has taken significant enforcement action against Trading.com Markets Inc. (Trading.com). The company was fined $50,000 as part of a settlement for regulatory violations.
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According to FNG, the NFA's Business Conduct Committee (BCC) filed a complaint against Trading.com on February 27, 2024. The complaint alleged numerous violations, including the late filing of daily financial reports, daily trade reports, and monthly financial reports. The complaint also alleged that Trading.com failed to maintain adequate internal financial controls and to perform its supervisory responsibilities.
After Trading.com offered to settle, the NFA's BCC issued a decision on May 8. In addition to the financial penalty, the judgment includes a cease-and-desist order to prevent future violations of certain NFA financial and compliance rules. These violations include Sections 11(e), 13(a), and 15 of the NFA Financial Rules, and NFA Compliance Rules 2-36(e) and 2-48(a).
This enforcement action underscores the NFA's commitment to maintaining the integrity of the financial markets by enforcing regulatory standards. Trading.com has been ordered to correct its practices to prevent future violations and maintain the standards expected by the regulator.
Trading.com is a UK broker regulated by the UK FCA. The company offers clients access to over 1,250 assets. The broker adheres to a policy that prohibits requotes and hidden commissions. It uses an automated system to monitor cash transactions and manage risk to avoid negative balances in client accounts.
See also: CFI reports impressive first quarter 2024 results
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